STATE OF NEW MEXICO REAL ESTATE EXAM TEST STUDY GUIDE
WITH ALL QUESTIONS AND CORRECT ANSWERS
A violation of real estate law or commission rules could be considered a fourth-degree
felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. - (ANSWER)Exambple-
would be unlicensed activity
How long do licensee have to respond to a complaint by the Real Estate Commission? - (ANSWER)10
days
If commission finds cause, what will they issue? - (ANSWER)Notice of Contemplated Action ( NCA)
If there is a false statement on license application, what does commission do? - (ANSWER)Will issue NCA
for hearing
How long do licensees have to request a hearing upon receipt of Notice of Contemplated Action (NCA) -
(ANSWER)Licensee have 20 days to request hearing
If licensee does not request the hearing within 20 days, what can the comission do? - (ANSWER)Revoke
license
How long do licensees have to appeal a decision against them to the district court after a hearing? -
(ANSWER)30 days
Qualifying brokers license can be revoked if their Associste broker is found guilty of illegal activity, only
if? - (ANSWER)QB had Guilty Knowledge of the offense
What is the minimum penalty that the commission may impose? - (ANSWER)A Letter of Reprimand
What is the maximum fine the commission may impose? - (ANSWER)$1000/violation
,STATE OF NEW MEXICO REAL ESTATE EXAM TEST STUDY GUIDE
WITH ALL QUESTIONS AND CORRECT ANSWERS
What happens if the complaint against broker is filed. and then later dropped? - (ANSWER)The
commission is still required to investigate if an violation has occured.
What is the status if the license during the complaint porcess until the decision of the commission after
the hearing? - (ANSWER)Active
Disputes between Associate Brokers and Qualifying Brokers regarding commissions - (ANSWER)Are not
investigated by the real estate commission
Required records shall be available to the commission and whether in paper or electronic format. -
(ANSWER)Shall be retained for not less than 6 years.
Who enforces the Code of Ethics? - (ANSWER)The National Association of Realtors
The Real Estate Commission does not enforce the Code of Ethics
All records generated in connection with real estate matters MUST be made available to who? -
(ANSWER)The Commission upon request
Should person selling time-shares be lisenced? - (ANSWER)They must be licensed unless they have a 15%
ownership
interest.
If an applicant fails one portion of the exam and pass the other, they must pass the failed portion within
_________ before having to retake both portions. - (ANSWER)90 days
How long does an applicant have to apply after passing their exams? - (ANSWER)An applicant has 180
days to make application for license after passing their exam.
, STATE OF NEW MEXICO REAL ESTATE EXAM TEST STUDY GUIDE
WITH ALL QUESTIONS AND CORRECT ANSWERS
Maximum fee that may be charged per exam - (ANSWER)$95
Maximum fee that may be charged for a real estate license - (ANSWER)$270
An applicant for a broker's license must have the recommendation of ________ reputable citizen who
own real estate in the applicant's county - (ANSWER)Two
Broker changing address must notify commission of new address within _____ - (ANSWER)Within 10
days of address change
When Associate brokers request that their license is transferred, the QB shall within________
hours return the license to the commission - (ANSWER)within 48 hours
When can a licensee tranferring office start working for the new QB? - (ANSWER)A licensee transferring
offices may start working for the new QB when the
transfer application, the license, proof of E&O insurance, and the $20 transfer
fee are stamped and received by the commission
What are the transferring fees? - (ANSWER)For each license transferred, a fee no to exceed $20. If there
are 11 or more affected
licenses, the total transfer fee paid shall not exceed $200.
If a license applicant or license broker is not in compliance with HSD (New Mexico
Human Services Department) child support enforcement, who will investigate? - (ANSWER)the
commission will
investigate.
WITH ALL QUESTIONS AND CORRECT ANSWERS
A violation of real estate law or commission rules could be considered a fourth-degree
felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. - (ANSWER)Exambple-
would be unlicensed activity
How long do licensee have to respond to a complaint by the Real Estate Commission? - (ANSWER)10
days
If commission finds cause, what will they issue? - (ANSWER)Notice of Contemplated Action ( NCA)
If there is a false statement on license application, what does commission do? - (ANSWER)Will issue NCA
for hearing
How long do licensees have to request a hearing upon receipt of Notice of Contemplated Action (NCA) -
(ANSWER)Licensee have 20 days to request hearing
If licensee does not request the hearing within 20 days, what can the comission do? - (ANSWER)Revoke
license
How long do licensees have to appeal a decision against them to the district court after a hearing? -
(ANSWER)30 days
Qualifying brokers license can be revoked if their Associste broker is found guilty of illegal activity, only
if? - (ANSWER)QB had Guilty Knowledge of the offense
What is the minimum penalty that the commission may impose? - (ANSWER)A Letter of Reprimand
What is the maximum fine the commission may impose? - (ANSWER)$1000/violation
,STATE OF NEW MEXICO REAL ESTATE EXAM TEST STUDY GUIDE
WITH ALL QUESTIONS AND CORRECT ANSWERS
What happens if the complaint against broker is filed. and then later dropped? - (ANSWER)The
commission is still required to investigate if an violation has occured.
What is the status if the license during the complaint porcess until the decision of the commission after
the hearing? - (ANSWER)Active
Disputes between Associate Brokers and Qualifying Brokers regarding commissions - (ANSWER)Are not
investigated by the real estate commission
Required records shall be available to the commission and whether in paper or electronic format. -
(ANSWER)Shall be retained for not less than 6 years.
Who enforces the Code of Ethics? - (ANSWER)The National Association of Realtors
The Real Estate Commission does not enforce the Code of Ethics
All records generated in connection with real estate matters MUST be made available to who? -
(ANSWER)The Commission upon request
Should person selling time-shares be lisenced? - (ANSWER)They must be licensed unless they have a 15%
ownership
interest.
If an applicant fails one portion of the exam and pass the other, they must pass the failed portion within
_________ before having to retake both portions. - (ANSWER)90 days
How long does an applicant have to apply after passing their exams? - (ANSWER)An applicant has 180
days to make application for license after passing their exam.
, STATE OF NEW MEXICO REAL ESTATE EXAM TEST STUDY GUIDE
WITH ALL QUESTIONS AND CORRECT ANSWERS
Maximum fee that may be charged per exam - (ANSWER)$95
Maximum fee that may be charged for a real estate license - (ANSWER)$270
An applicant for a broker's license must have the recommendation of ________ reputable citizen who
own real estate in the applicant's county - (ANSWER)Two
Broker changing address must notify commission of new address within _____ - (ANSWER)Within 10
days of address change
When Associate brokers request that their license is transferred, the QB shall within________
hours return the license to the commission - (ANSWER)within 48 hours
When can a licensee tranferring office start working for the new QB? - (ANSWER)A licensee transferring
offices may start working for the new QB when the
transfer application, the license, proof of E&O insurance, and the $20 transfer
fee are stamped and received by the commission
What are the transferring fees? - (ANSWER)For each license transferred, a fee no to exceed $20. If there
are 11 or more affected
licenses, the total transfer fee paid shall not exceed $200.
If a license applicant or license broker is not in compliance with HSD (New Mexico
Human Services Department) child support enforcement, who will investigate? - (ANSWER)the
commission will
investigate.
